Ayala-led Globe Telecom Inc. on Tuesday announced it closed the sale of 160 towers to MIESCOR Infrastructure Development Corporation (MIDC) for P1.9 billion.
In a disclosure, Globe said the 160 towers sold to MIDC were composed of 123 ground-based towers and 37 rooftop towers.
The latest development forms part of the telco’s plan to sell 7,059 towers to MIDC and Frontier Towers announced in 2022.
The company will then lease the towers back for an initial 15-year period.
Globe said that with the latest closing, a total of 1,020 out of the 2,180 towers have been transferred to MIDC.
The telco said it has already completed 44% of the sale or a total of 3,280 towers out of 7,506 have been transferred to the tower companies.
Subsequent closings will happen when closing conditions are met, Globe said.
It added that relevant announcements will be made in accordance with the applicable regulatory and disclosure rules when appropriate.
“Globe and MIDC are one in getting this partnership up to speed with the latest batch's closing, and we undertake to turn over more in the coming months. I am delighted that our tower initiatives continue to provide enormous support in our corporate financing and in the acceleration of our network expansion, which are essential as we digitally enable Filipinos one innovation at a time,” said Rizza Maniego-Eala, Globe chief finance officer.
“We are dedicated to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age. Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos,” said MIDC president and CEO Helen Grace Marquez.
Ernest Cu, Globe president and CEO, said that Globe collaborates and forges partnerships with multiple public and private entities to ensure these conveniences are accessible to Filipinos regardless of their area.
“We are certain that our partnership with MIDC reinforces this objective and are excited to see what we can accomplish together,” said Cu.—AOL, GMA Integrated News